Second, they say the merchants will never pass along to consumers the savings of swipe-fee reform. That specious argument effectively translates to: ďWeíve been doing such a good job ripping off consumers, we canít let someone else do it!Ē
You would think the law of competition had been repealed. It hasnít. The reality for merchants is one of brutal and relentless competition. If they can lower prices for consumers because swipe fees are finally under control, they will do so. The competitive marketplace gives them no choice.
Itís time to call the Senateís Debit Interchange Study Fee Act what it is ó a diversionary tactic that allows huge banks to maintain an unbalanced and unfair profit center at the expense of small businesses that are the lifeblood of communities in Vermont and throughout the country.
Letís not let high-dollar messaging campaigns obscure the facts. And letís not fall for the old yarn that ďdelayĒ is a good thing. Itís not.
Rep. Peter Welch (D-Vt.) serves on the Oversight and Government Reform and Agriculture committees.